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Judgment Search Results Home > Cases Phrase: income tax act Year: 1968 Page 3 of about 650 results (0.157 seconds)

Sep 02 1968 (HC)

Commissioner of Income-tax Vs. Anamalai Bus Transport (P.) Ltd.

Court : Chennai

Decided on : Sep-02-1968

Reported in : [1969]72ITR811(Mad)

..... necessarily be kept in view. it may be noted that the levy of penal-super-tax under section 23a is not an assessment of the total income to tax in the normal sense of the income-tax act. it follows, therefore, that considerations which may govern assessment of total income to income-tax, particularly in the matter of deductions and allowances, may not in their full vigour and ..... . for one thing, what is done under section 23a is not a regular assessment. further, the computation of the total income for purposes of that section is not, so to speak, controlled or limited by the specific provisions of the income-tax act relating to assessment of profits and gains. furthermore, ' reasonableness ' has to be judged with reference to all relevant circumstances ..... scheme apply to a determination of the total income for purposes of section 23a. but we are ..... veeraswami, j. 1. this reference is concerned with the propriety of the super-tax levied on the profits withheld by the assessee in excess of the permissible limits under section 23a of the income-tax act, 1922. the question will turn on whether a sum of rs. 1,03,445 donated by the assessee during the assessment year 1959-60, to nachimuthu industrial .....

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Mar 01 1968 (HC)

Commissioner of Income-tax, Bombay Vs. Cilag Ltd.

Court : Mumbai

Decided on : Mar-01-1968

Reported in : [1968]70ITR760(Bom)

..... and sale of chemical, medical, pharmaceutical, biological, bacteriological and related products and specialities. it has a world trade and also trade in india and in respect of its income subject to the indian income-tax act, it has been assessed in the status of a non-resident. there is an indian company named 'cilag hind limited', which is a 60% subsidiary of the assessee ..... v.s. desai, j.1. this is a reference under section 66(1) of the indian income-tax act made by the income-tax appellate tribunal at the instance of the commissioner of income-tax referring to this court a question of law arising out of its order relating to the assessment of the assessee for the assessment year 1959-60, for which the relevant ..... these terms, cilag limited was exploiting its commercial assets in carrying on its business or was engaging in an activity, which was other than the activity of its business. the income-tax officer has taken the view that the activity of the assessee was the supply of a technical know-how, which cannot be regarded as an activity of carrying on business ..... the present assessment year. its claim to set off the sum of rs. 63,478 against the said losses was based on the ground that the said sum was its income from business. the claim was disallowed by the income-tax officer and the appellate assistant commissioner because both of them took the view that the sum of rs. 63,478 was not .....

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Jan 30 1968 (HC)

Onkarmal Meghraj Vs. Commissioner of Income-tax, Bombay City I, Bombay

Court : Mumbai

Decided on : Jan-30-1968

Reported in : [1969]71ITR51(Bom)

..... proposal does not improve the position. what he has stated therein is that is satisfied that this is fit case for action under section 34 of the income-tax act. in the absence of any reasons given by the commissioner for his conclusion as to the fitness of the case under section 34, it would be ..... assessment is required to be made in pursuance of a direction given by the appellate assistant commissioner in an appeal before him under section 32 of the indian income-tax act, there is no question of limitation and also no question of further consideration as to whether the conditions of sub-clause (a) or sub-clause (b ..... assessment year 1944-45 and one for the assessment years 1943-44. assessments in all these cases were made taking recourse to section 34 of the indian income-tax act and the question to be considered is whether the action taken was barred by time. 2. the assessee involved in this reference are some of the ..... with column no. 8, which is that he is satisfied that it is a fit case for action under section 34 of the income-tax act. mr. joshi has argued that the statements made by the income-officer in his report under columns (2) and (4), viz., that the status is 'hindu undivided family' and that it is ..... dwarkadas's case sarkar j., when he expressed his view that he though that the second proviso to section 34(3) of the income-tax act is invalid, had preceded it by saying that he was taking that view for the reasons mentioned in the judgment in the case of commissioner of .....

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Nov 22 1968 (HC)

Commissioner of Income-tax, Bombay Vs. Balvantrai S. Jain

Court : Mumbai

Decided on : Nov-22-1968

Reported in : [1969]72ITR59(Bom)

..... that fact. the words 'omission or failure to disclose fully and truly all material facts' in clause (a) of section 34(1) of the income-tax act cover only the case where the assessee knowing all the material facts does not mention them fully and truly, in other words, where he deliberately withholds ..... rs. 93,895 had been included in the assessee's for the year 1944-45, action was taken under section 34(1) (a) of the income-tax act and notice was issued against the assessee on 24th january, 1950. in compliance with this notice the assessee filed his return on 26th april, 1950, ..... wide language as follows : 'whether, on the facts and in the circumstances of the case, the proceedings initiated under section 34 of the indian income-tax act for the assessment year 1944-45 were valid ?' the short point that we have to decide in this reference is whether, on the facts and ..... material facts, the material facts, as explained above, have to be disclosed but not the conclusions or inferences : see calcutta discount co. ltd. v. income-tax officer, companies district i, calcutta. at page 201 they held : 'once all the primary facts are before the assessing authority, he requires no further assistance ..... wrote a letter dated april 24, 1950, objecting to the notice and the proceedings commenced against him. the assessee's accountants pointed out that the income-tax officer had been fully acquainted with the existence of the assessee's partnership with messrs. tejoo kaya & co. in the course of the previous .....

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Nov 14 1968 (HC)

Laxmidas and Co. Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Decided on : Nov-14-1968

Reported in : [1969]72ITR88(Bom)

..... receipt, according to the appellate assistant commissioner was chargeable in accordance with the provisions of section 4(1) of the income-tax act. the appellate assistant commissioner accordingly dismissed the assessee's appeal. the assessee took a second appeal to the income-tax appellate assistant commissioner, were repeated before the tribunal. in addition, it was urged before the tribunal that the action under ..... that if it was, it was exempt from taxation under the provisions of the income-tax act. in the absence of such proof, the income-tax officer is entitled to treat it as taxable income.' 33. in a. govindarajulu mudaliar v. commissioner of income-tax it was held as follows : 'where an assessee fails to prove satisfactorily the source and nature of certain amounts of ..... by dissolution or otherwise, the firm can be treated as continuing so far as the assessment of its pre-dissolution income is concerned, and the assessment or reassessment of such a firm, after dissolution, under section 44 of the indian income-tax act, could be made in the same manner under chapter iv as if it had not discontinued its business. it ..... brought into the taxable territories during the year of account and, therefore, taxable under section 4(1) (b) (iii) of the act. the income-tax officer, therefore, brought the entire amount of rs. 1,75,000 to tax. the assessee appealed to the appellate assistant commissioner. several contentions were raised by it before him. it was contended that the notice of .....

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Dec 18 1968 (HC)

Blue Star Engineering Co. (Bombay) (P.) Ltd. Vs. Commissioner of Incom ...

Court : Mumbai

Decided on : Dec-18-1968

Reported in : [1969]73ITR283(Bom)

..... the companion reference no. 102 of 1968 relating to the correctness of the rectification of the assessment order for the assessment year 1954-55 under section 154 of the indian income-tax act. we have already mentioned the facts relating to the said question which is as follows : 'whether, on the facts and in the circumstances of the case, it was competent to ..... , argued that the service of a notice under section 43 is a condition irritant to the initiation of an assessment proceeding against an agent under section 43 of the indian income-tax act. 18. we do not think that the contention raised by mr. mehta is sustainable. having regard to the scheme of sections 42 and 43, if the requirements of section 42 ..... this court. the question raised on the said reference is 'whether, on the facts and in the circumstances of the case, it was competent to the income-tax officer to ratify under section 154 of the income-tax act, 1961, the original assessment order dated 31st march, 1959 ?' 4. mr. mehta for the assessee has, therefore, stated that in view of the matter raised on ..... to be ratified having been record in the appellate order of the appellate assistant commissioner and of the income-tax appellate tribunal, the income-tax officer was not competent to rectify the same. secondly, it was urged that the income-tax officer's jurisdiction under section 154 of the income-tax act, 1961, only extends to the amendment of the order and not to the cancellation thereof. the rectification .....

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Nov 18 1968 (HC)

W.T. Suren and Co. (P.) Ltd. Vs. Commissioner of Income-tax Bombay-1

Court : Mumbai

Decided on : Nov-18-1968

Reported in : [1971]80ITR602(Bom)

..... four assessment years were not in the nature of capital expenditure and were admissible under the provision of section 10 (2) (xv) of the income-tax act. we answer the new question which we have framed (and which we have renumbered as b above) in the negative. the commissioner shall pay ..... determine for himself whether the remuneration paid to the employee or any portion thereof was properly deducted under section 10 (2) (xv) of the income-tax act.' 25. their lordships made this remark with reference to an assessee's contention, but it is clear that the principle applies equally to the department ..... four assessment years were in the nature of capital expenditure and as such inadmissible under the provisions of section 10 (2) (xv) of the income-tax act b. whether the payments to the two ex-employees did not represent expenditure wholly and exclusively laid out for the purposes of the assessee-company's ..... , as it is worded merely possess the question whether the expenditure was inadmissible under the provisions of section 10 (2) (xv) of the income-tax act because the payments were in the nature of capital expenditure and nothing else. it does not raise the question whether apart from the fact that ..... four assessment years were in the nature of capital expenditure and as such inadmissible under the provisions of section 10 (2) (xv) of the income-tax act ?' 14. the first question, as we have already said, we answered in favour of the department and therefore called for a fresh statement of .....

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Dec 02 1968 (HC)

T.J. Lalvani Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Decided on : Dec-02-1968

Reported in : [1970]78ITR176(Bom)

..... loss in question had not been incurred by the assessee in the course of his business so as to be deductible under the provisions of the indian income-tax act. 6. mr. joshi, the learned counsel appearing for the department, has contended that the mere circumstance that the loan had been advanced for lookmanji's ..... had not been incurred by the assessee in the course of its business, and, consequently, was not deductible under any of the provisions of the indian income-tax act. in coming to the said conclusion the tribunal held that the trading activity of the assessee in connection with his dealings with lookmanji was mainly concerned ..... (rupees one lakh and ninety thousand) under section 10(1) and or section 10(2)(xi) and/or section 10(2)(xv) of the indian income-tax act as a bad debt or as a trading loss in the assessee's business or on general principles of accounting in ascertaining profits and gains of a ..... s. desai, j.1. the following three questions have been referred to us on this reference under section 66(2) of the indian income-tax act : '(1) whether there is any evidence to justify the finding of the tribunal that the advances in question as mentioned in the petition ..... business concern under section 10(1) of the indian income-tax act (3) whether, on the facts and in the circumstances of the case, the assessee is entitled to a deduction from his total income of the proportionate legal expenses disallowed in respect of suit no. 14 of 1954 ?' 2 .....

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Dec 18 1968 (HC)

Dhirajlal Girdharlal Vs. Commissioner of Income-tax, Bombay City

Court : Mumbai

Decided on : Dec-18-1968

Reported in : [1970]78ITR657(Bom)

..... the tribunal declined to make a reference as it found no question law upon their order and in an application under section 66(2) of the indian income-tax act, the high court also declined to call for a reference. 8. the assessee then took the matter up to the supreme court and the decision of ..... has only arisen in view of the fact that the assessee in the first year purchased shares of the value of over rs. 2 lakhs. the income-tax officer may say that the purchase of new shares indicates that the assessee had converted his holding of shares into his stock-in-trade. but considering ..... to be determined was whether the nature of the transactions put through by the hindu undivided family amounted to carrying on a business or as the income-tax officer had put it whether the hindu undivided family 'converted their inheritance into stock-in-trade.' as to whether upon the nature of the transaction ..... 3,65,983 1,26,718assessment year 1946-47 9,859 1,25,304 44,239 7. in the assessment year 1944-45, the income-tax officer assessed the income of the hindu undivided family from the said purchases and sales and purchases of shares. the appellate assistant commissioner in appeal reversed the decision and ..... that the shares were transferred, and that too a substantial holding of the firm, indicated conclusively that the object of the transfer was to evade income tax; that the hindu undivided family (the assessee) did not take the share as the return of its capital; that the shares did not remain with .....

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Feb 05 1968 (HC)

Shri Laxmi Printing and Dyeing Works Pvt. Ltd. Vs. Commissioner of Inc ...

Court : Mumbai

Decided on : Feb-05-1968

Reported in : [1968]70ITR148(Bom)

..... j.1. the short question raised on this reference under section 66(2) of the indian income-tax act relates to the claim of the assessee to set off its unabsorbed depreciation of the past years against the assessable income of the assessment year 1958-59 with which we are concerned. 2. the assessee is a ..... hired or even lent by the customer for the purpose of carrying out his orders would not change the nature of the business activity. in commissioner of income-tax v. national mills co. ltd. a company, which was carrying on the business of manufacturing textiles, went into liquidation and the liquidator let the plant ..... on the machines of another and, consequently, the business could not be said to be the same kind of business. the view taken by the income-tax officer, that the business carried on in the previous year was not the same kind of business as was done in the assessment year, was accepted ..... work of the bhor industries limited which was a special kind of work, and had sold off practically the whole of its own machinery that the income-tax officer held that the assessee did not carry on in the assessment year the same business which it had carried on in the earlier years and ..... profit against the amount of the unabsorbed depreciation of the past years amounting to rs. 73,404. the claim, however, was not accepted by the income-tax officer, who took the view that the business which the assessee had carried on during the assessment year was not the same business which it had carried .....

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